virtual business

Get A Virtual Assistant Business Started

After a lot of thinking and weighing options, you have decided to embrace the future and start a small business. The idea of setting your own schedule and taking control of your life was a dream that you had to reach, and you decided to set up a virtual assistant business. Now that a choice has been made, where to start?  Virtual assistant businesses have become an ideal business opportunity for experienced administrators to use their skills in a virtual environment. With all of the available technology, it’s easy and affordable to start a virtual business. Lots of decisions will need to be made on where to start and there is a world of advice available. Meadows VA school has resources that can guide anyone through the steps of successfully setting up your business.

Legalities – Getting Licenses and Permits in Place

A virtual assistant, discovers that there aren’t too many regulations to getting your business up and running. Licensing in each state vary, so make sure to check and see what your state requires. No matter what is required, make sure to follow your state and Home Owner’s association rules regarding the use of homes for a business. The Small Business Association has, Permit Me, an online tool that allows anyone to research the requirements in their state. As a result of the lack of regulation virtual businesses are an easy fit for a shoe string budget. 

Business Structure

One of the earliest decisions faced is the actual structure of a new business. Many business owners opt for sole proprietorship at the early stages, because it doesn’t require much set up. This is an acceptable option, but could ultimately leave you open to financial risks as your clientele grows. Business models such as LLC/PLLC, corporations, partnerships and co-ops will help you separate personal liabilities from business ones and protect the owner better. Setting up an LLC is a relatively inexpensive method of establishing a business as a separate entity and allowing owners to get an EIN and bank account set up easily. To get an idea which structure will best suit your business, check the resources on sba.gov.

Getting to work

As a freelance business owner, the tax paperwork will be different than as a employee. After a business is open and starts to book clients having a W-9 filled out for each new client along with a contract is recommended. This contract will include a statement of work which will help establish the scope of responsibilities and tasks  contracted to perform for each client as well as things such as deadlines and client details. Finally, make sure to set up a file for each client to keep all paperwork and calendar details organized.

On the Job

Once work has started and clientele is growing, you will have other tasks to deal with. On top of the work you’ll be doing for your clients, you’ll need to be tracking your invoices and expenses. A good accounting program will be essential, and Quickbooks Online is the most highly recommended for independent business owners. It will help any business track all of their expenses easily. 

Secrets to Building a Successful Business

As you are building a business, you will find yourself wanting to grow it quickly. This is a trap that most entrepreneurs fall into. Make sure that you learn how to manage your time and learn how to say no. It’s okay and often essential to be able to draw boundaries with your clients. This is your business and you have the choice to run it as you see fit.

Any new business venture can be tricky, but with proper tools and resources, you can learn to manage your time and your clients. You can learn to have the work/home life balance that all entrepreneurs are working toward and truly enjoy your life and your career. Meadows Resources and Meadows VA school has the resources you need to get started on the right track. Also, check out our in depth Ebook Meadows VA School Quick Start in our Swipe File Section to learn more.

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